- The software segment dominated in the global artificial intelligence (AI) in the drug discovery market and held the largest market share of 65.23 per cent in the year 2019
- The Asia Pacific region is anticipated to grow at the highest CAGR of 52.36 per cent over the forecast period
The global artificial intelligence (AI) in the drug discovery market is expected to grow from $1.60 billion in 2019 to $40.36 billion by 2027 as per a report by Fior Markets. It also said that this growth will be at a CAGR of 49.6 per cent during the forecast period 2020-2027.
The report added that artificial intelligence (AI) technology integration in drug discovery is steadily increasing, and many pharmaceutical companies are highly focusing on drug development using artificial intelligence. It said, “The pharmaceutical companies are taking advantage of artificial intelligence technology to discover the drugs for the most complex diseases such as precision’s disease, Alzheimer’s disease, and pancreatic cancer. Artificial intelligence helps the pharmaceutical companies to streamline the research and development activities for the personalized medicines and the complex drug discovery.”
Software segment dominated
As per the report, global AI in the drug discovery market is increasing rapidly due to the rising integration of artificial intelligence technology in drug discovery. Another reason is the rising collaboration and partnerships of the pharmaceutical companies with the artificial intelligence technology companies for the development of the drugs. It further said that the growing awareness about the artificial intelligence technologies in the pharmaceutical industries of the developing region is also providing opportunities for growth. Limited availability of the data sets and stringent government regulations may hamper the growth of the market over the forecast period as per the report.
The report said that the software segment dominated the global artificial intelligence (AI) in the drug discovery market and held the largest market share of 65.23 per cent in the year 2019. This is mainly due to factors such as low cost and high development of software for drug discovery in the market.
As per the report, the context-aware processing segment is anticipated to grow at the highest CAGR of 51.26 per cent in the year 2019. Context-aware processing technology makes tasks more efficient and improves decision making.
Neurodegenerative diseases segment
The report said that the neurodegenerative diseases segment is estimated to grow at the highest CAGR of 52.26 per cent over the forecast period. It said, “The neurodegenerative diseases segment is Some of the common neurodegenerative diseases are Parkinson’s disease, motor neuron disease (MND), and Alzheimer’s disease. The artificial intelligence helps to unfold the complexities of these diseases and to discover suitable drugs for neurodegenerative diseases.”
Asia Pacific region is anticipated to grow at the highest CAGR
North America region dominated the global artificial intelligence (AI) in the drug discovery market and held the major market share of 43.25 per cent in the year 2019. This is due to early adoption of artificial intelligence technology in the pharmaceutical industry and the presence of many key companies of artificial intelligence and pharmaceutical which boosts the artificial intelligence (AI) in drug discovery market growth in the North America region. It also said that well developed pharmaceutical infrastructure in the countries such as the U.S. and Canada offer future growth opportunities for the vendors in the region.
The Asia Pacific region is anticipated to grow at the highest CAGR of 52.36 per cent over the forecast period. This is due to rising investment in the new drug development with artificial intelligence technology speeding the growth of the market in the Asia Pacific region.
